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Confirmation of probe into Folli Follie

Representatives of the Folli Follie Group and Ernst & Young will meet again on Friday with the Capital Market Commission to hear the confirmation of the stock market watchdog’s demand for an independent probe by E&Y into the blue chip company. The meeting will determine the range and timetable of the inspection.

Given the regulator’s keen desire to obtain a provisional picture of the assessment, it is possible E&Y will refuse to accept the pressing deadlines expected, or that Folli Follie will refuse to hire E&Y due to high fees, according to sources who are familiar with the ongoing consultations.

The matter is urgent as despite Folli Follie’s successive assurances refuting the claims by hedge fund Quintessential Capital Management (QCM), the market and above all the Capital Market Commission have not been convinced.

The management of the Athens-listed company continued on Thursday to release a trickle of information regarding its disputed fundamentals, with QCM insisting on disputing the Greek firm’s list of its points of sale.

On Thursday Folli Follie’s stock had a rollercoaster day at Athinon Avenue, ranging from +2.27 percent to -10.05 percent, before ending the day with losses of 1.84 percent.